HSBC, Nationwide Impose New Restrictions on Cryptocurrency Purchases in UK

HSBC and Nationwide person imposed caller restrictions connected cryptocurrency purchases successful the U.K. The 2 fiscal institutions cited a informing from the Financial Conduct Authority (FCA), the British regulator overseeing the fiscal services industry, regarding the risks progressive successful purchasing cryptocurrencies.

Nationwide’s Crypto Purchase Restrictions

British fiscal instauration Nationwide Building Society allegedly sent an email to its customers connected Thursday to pass them of restrictions connected cryptocurrency purchases. According to the email shared by respective radical connected Twitter, Nationwide wrote, “We volition beryllium introducing restrictions connected purchasing crypto currency from 28 February,” elaborating:

The Financial Conduct Authority (FCA), who modulate the fiscal services industry, has highlighted definite risks associated with purchasing crypto currency.

“We volition beryllium introducing limits connected paper payments made to crypto exchanges from a existent account,” the email continues, adding that the caller regular paper bounds is 100 British pounds for Flexone accounts and 5,000 pounds for different existent relationship types.

Nationwide further elaborate successful the email which it allegedly sent 2 days aft the crypto restrictions went into effect:

We volition not let payments to crypto exchanges utilizing a Nationwide recognition paper … Neither you nor immoderate further paper older volition beryllium capable to usage a Nationwide recognition paper to acquisition crypto currency.

HSBC Disallows Crypto Purchases Using Its Credit Cards

Last week, respective radical connected Twitter besides shared an email they claimed to person received from the banking elephantine HSBC regarding crypto purchases. According to the email, HSBC wrote:

From 23 February 2023, we’ll nary longer let cryptocurrency purchases utilizing our recognition cards.

“This is due to the fact that of the imaginable hazard to you. The Financial Conduct Authority has warned against investing successful crypto assets, arsenic they’re considered precise precocious risk, speculative investments,” the slope emphasized. “If thing goes wrong, it’s improbable you’ll beryllium protected by the Financial Ombudsman Service oregon the Financial Services Compensation Scheme.”

While HSBC has taken an anti-crypto stance erstwhile it comes to allowing customers to acquisition cryptocurrencies, the slope precocious filed trademark applications for a wide scope of integer currency and metaverse products. It has besides joined the metaverse.

A increasing fig of banks successful the U.K. are placing restrictions connected crypto purchases. In November past year, Santander UK and Starling Bank imposed akin restrictions connected money transfers to crypto exchanges.

What bash you deliberation astir Nationwide and HSBC restricting crypto purchases? Let america cognize successful the comments conception below.

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